VST Industries Ltd

VST Industries Ltd

₹ 4,314 -3.41%
14 Jun - close price
About

VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.(Source : 202003 Annual Report Page No: 93)

Key Points

Leading Cigarette Manufacturer
The Vazir Sultan Tobacco Company Limited, incorporated in 1930, holds the position of the third-largest player in the domestic market with a market share of ~10%. [1] [2]

  • Market Cap 6,660 Cr.
  • Current Price 4,314
  • High / Low 4,522 / 3,159
  • Stock P/E 22.1
  • Book Value 811
  • Dividend Yield 3.48 %
  • ROCE 32.5 %
  • ROE 24.8 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.48%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.3%
  • Company has been maintaining a healthy dividend payout of 71.7%

Cons

  • The company has delivered a poor sales growth of 5.27% over past five years.
  • Promoter holding is low: 32.2%
  • Working capital days have increased from 45.2 days to 182 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Tobacco Products Industry: Cigarettes

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
278 275 272 329 303 301 344 346 302 333 350 363 375
180 183 167 220 196 188 251 251 220 228 271 290 278
Operating Profit 98 92 104 109 106 113 93 95 82 105 79 72 97
OPM % 35% 33% 38% 33% 35% 38% 27% 27% 27% 32% 23% 20% 26%
6 9 10 10 17 11 33 16 16 12 29 9 30
Interest -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Depreciation 8 6 7 8 9 7 7 7 8 8 9 10 11
Profit before tax 97 95 107 111 115 117 119 103 90 109 99 71 115
Tax % 25% 26% 26% 25% 24% 26% 22% 24% 23% 23% 23% 24% 23%
73 70 80 83 87 87 92 79 69 84 76 54 88
EPS in Rs 47.16 45.62 51.73 53.57 56.46 56.43 59.68 51.15 44.49 54.20 49.18 34.79 57.12
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
669 789 836 883 922 948 1,099 1,239 1,111 1,178 1,292 1,420
488 571 594 646 675 654 746 825 700 767 910 1,067
Operating Profit 180 218 243 237 248 294 353 415 411 412 383 353
OPM % 27% 28% 29% 27% 27% 31% 32% 33% 37% 35% 30% 25%
26 32 18 20 20 25 39 47 42 47 76 80
Interest -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Depreciation 22 27 32 31 37 39 41 42 35 30 30 38
Profit before tax 184 224 229 227 231 279 351 420 417 428 429 395
Tax % 31% 33% 33% 32% 34% 35% 35% 28% 26% 25% 24% 24%
126 150 152 153 152 182 227 304 311 320 327 302
EPS in Rs 81.76 97.24 98.57 99.15 98.13 117.79 146.90 196.93 201.26 207.38 211.75 195.29
Dividend Payout % 76% 72% 71% 71% 76% 66% 65% 52% 57% 68% 71% 77%
Compounded Sales Growth
10 Years: 6%
5 Years: 5%
3 Years: 9%
TTM: 10%
Compounded Profit Growth
10 Years: 7%
5 Years: 6%
3 Years: -1%
TTM: -8%
Stock Price CAGR
10 Years: 9%
5 Years: 5%
3 Years: 7%
1 Year: 25%
Return on Equity
10 Years: 33%
5 Years: 32%
3 Years: 28%
Last Year: 25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 15 15 15 15 15 15 15 15 15 15 15 15
Reserves 289 313 331 355 524 567 649 772 925 1,059 1,164 1,237
-0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
439 427 479 457 259 482 541 610 545 516 474 468
Total Liabilities 744 755 826 827 798 1,064 1,205 1,397 1,486 1,591 1,654 1,720
175 209 198 174 220 195 213 187 173 195 590 268
CWIP 0 0 -0 41 1 34 0 13 33 10 0 47
Investments 199 181 171 162 174 416 575 753 887 971 577 447
370 365 457 450 403 419 416 444 393 415 486 958
Total Assets 744 755 826 827 798 1,064 1,205 1,397 1,486 1,591 1,654 1,720

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
118 130 118 132 146 420 290 331 286 277 181 167
9 -18 3 -24 -18 -264 -148 -155 -144 -96 47 79
-117 -113 -126 -130 -130 -139 -144 -177 -159 -187 -224 -231
Net Cash Flow 10 -1 -6 -22 -2 17 -2 -0 -17 -5 5 16

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 13 4 5 5 5 11 5 5 5 10 12 12
Inventory Days 288 255 336 316 257 196 187 182 226 210 205 220
Days Payable 62 48 71 54 44 45 55 87 84 74 57 57
Cash Conversion Cycle 239 211 270 267 218 162 137 99 148 147 161 175
Working Capital Days -74 -54 -32 -18 43 -44 -58 -63 -58 -42 -4 182
ROCE % 58% 69% 65% 58% 51% 50% 56% 58% 48% 42% 38%

Shareholding Pattern

Numbers in percentages

3 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
32.16% 32.16% 32.16% 32.16% 32.16% 32.16% 32.16% 32.16% 32.16% 32.16% 32.16% 32.16%
2.41% 2.14% 1.81% 1.75% 1.84% 1.69% 1.86% 1.64% 1.55% 1.40% 1.39% 1.37%
17.27% 16.19% 16.28% 16.59% 16.62% 16.64% 16.62% 16.87% 17.24% 17.54% 17.52% 15.69%
48.16% 49.31% 49.55% 49.29% 49.01% 49.14% 49.00% 48.96% 48.69% 48.53% 48.57% 50.42%
0.00% 0.20% 0.20% 0.20% 0.37% 0.37% 0.37% 0.37% 0.37% 0.37% 0.37% 0.37%
No. of Shareholders 26,78030,85933,36133,44133,28932,98832,58832,00231,25830,43131,07332,868

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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